The Rio III, 225 Merton St: Beltline Backyard, Hydro in the Fee

Merton Street has four Rio buildings, and Rio III at 225 is the one I find people overlook. It has the same developer, the same Beltline backyard and the same all-in fee as its siblings, at a price per foot that sits in the middle of the group. If you want midtown with a trail behind your building and a single monthly bill, this is worth a close look. I’m Jatin Dua, RE/MAX Quantum Realty.

One of four Rio towers on Merton

Heather Downs Developments built the Rio series along Merton Street over about five years: the original Rio at 35 Merton around 2000, Rio II at 253 Merton in 2002, Rio III here at 225 in 2003, and Rio IV next door at 195 in 2004. Each is its own condominium corporation with its own board, budget and reserve fund, even though they look like family.

That matters when you compare them. Rio III and Rio IV are the same height and the same suite count, 12 storeys and 124 suites, and they were registered a year apart. But Rio III is managed by Percel and Rio IV by Goldview, according to condos.ca, and their fees and reserve positions are not shared. Read this building’s own status certificate; do not rely on what a friend in Rio IV pays.

Listings describe the exterior as brick and concrete. It is a plain, solid mid-2000s midtown building, not an architectural statement, and I could not find the architect’s name in any source I would rely on.

The Beltline is your backyard

The best thing about this side of Merton Street is behind it. Rio III backs onto the Kay Gardner Beltline, the former rail line that is now a walking and cycling trail, and listings describe suites at the back overlooking the green strip and its trees.

In practical terms, that means a quiet rear exposure that a tower cannot be built on, and a car-free route for a morning run or a walk with the dog. A south or rear-facing suite here is a different home from one facing the street, so ask about exposure before you book a viewing.

Merton itself is changing. Newer rental and condo buildings have gone up toward Yonge, and towers keep rising around Yonge and Davisville. The City is also building a new aquatic and community centre east of Yonge and Davisville, which it expects to open in spring or summer 2027, with a 25-metre lap pool and a rooftop walking track.

Suites from studios to large two-bedrooms

Condos.ca lists suites from about 406 to 1,422 square feet. The small end is a compact studio or one-bedroom that suits a first-time buyer or an investor; the top end is a full-size two-bedroom with space most new midtown buildings no longer offer.

Because the range is so wide, the building average per foot hides a lot. Small suites usually sell for more per foot than large ones, so compare a suite only with others of the same size and type in this building, not with the overall average.

In a building from 2003, many suites will still have original kitchens, bathrooms and flooring unless an owner has updated them. Budget for that, and check what a seller has already replaced.

Listings show suites selling with an underground parking space and a storage locker, and there is visitor parking for guests. Because parking sits inside the fee, confirm that the suite you are buying actually has a space and a locker on title, and ask whether a suite without parking pays any less.

An all-in fee, and why it looks high

The fee here covers heat, hydro, air conditioning, water, building insurance and parking. That is unusual: most newer buildings meter hydro separately, and many charge parking on its own line. So when a Rio III fee looks high next to a newer tower, remember that your electricity, heating and cooling are already inside it.

The trade-off is that pooled utilities give owners less control. A neighbour who runs the air conditioning all summer is costing you money, and the corporation carries the risk of energy price increases. Ask the property manager whether the board has looked at sub-metering, and how utility costs have moved in the last few budgets.

If you plan to rent the suite out, the all-in fee is a selling point with tenants: the rent covers everything and there are no utility accounts to open. That helps a small suite here compete with newer buildings nearby.

Pricing: the middle of the Rio family

Condos.ca puts the average at about $884 per square foot. Among the Rio buildings, that sits above the original Rio at about $790 and Rio II at about $839, and below Rio IV at about $1,013. The Metro, the soft-loft complex further west on Merton, is close at about $903.

Treat those numbers as rough. With 124 suites and only one suite for sale and one for rent when I checked, the average can swing on a few sales and on whether those sales were small or large suites. I would not read Rio IV’s higher figure as a sign that it is a better building; it may simply have sold more small suites recently.

Because hydro is in the fee, the fair comparison with a newer building is fee plus hydro plus parking there against the fee here. For real recent trades, use the sold and leased medians in the data panel or my building sold report.

Building specifications

Amenities at The Rio III

Concierge, a gym and a sauna cover the basics. There is no pool, but with the Beltline behind the building and the new Davisville pool due in 2027, most owners will not miss one.

Jatin’s honest take on The Rio III

The Rio III — frequently asked questions

Looking at Yonge & Eglinton, Davisville and North Toronto more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.